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FNCB Bancorp resolves dispute with Fidelity and Deposit Co.

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FNCB Bancorp resolves dispute with Fidelity and Deposit Co.

Dunmore, Pa.-based FNCB Bancorp Inc., FNCB Bank and Fidelity and Deposit Co. of Maryland on Dec. 21 settled a dispute by entering into a mutual release of all claims.

In September 2012, Fidelity filed an action against FNCB Bancorp and its unit, FNCB Bank, and a number of existing and former officers and directors of FNCB Bancorp, asserting a claim for the rescission of a directors' and officers' insurance policy and a bond that it had issued to FNCB Bancorp, in the U.S. District Court for the Middle District of Pennsylvania.

In November 2012, FNCB Bancorp and FNCB Bank, in addition to answering the claims, asserted counterclaims for the losses and expenses already incurred by them.

FNCB Bancorp now expects to realize a gain of about $6.0 million in connection with the insurance recovery in the fourth quarter of 2018.

Fidelity & Deposit Co. of Maryland is a unit of Zurich American Insurance Co.